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Panama
PANAMA SHIP REGISTRATION
The Republic of Panama has offered facilities for the registration of vessels engaged in all types of maritime activities. Through Law Nš 8 of 1925 a procedure for the registration of vessels was adopted, which permits the enrolment of cargo and passenger vessels, as well as dredgers, barges, floating docks and other type of vessels. Professional services are available for ship and mortgage registration in other open registry countries such as Bahamas, Liberia, Honduras, Belize and Cyprus through our affiliated offices strategically located in various offshore centers
ADVANTAGES OF REGISTERING A SHIP IN PANAMA
- An open registry sovereign system recognized by the international maritime community as having succesfully adapted to its needs since 1925, which is presently the largest world registry in tannage and number of vessels.
- Any ship owner, whether a natural or corporate person, and irrespective of its nnationality of domicile,is entitled to register a vessel under the Panama flag.
- The revenues derived from the international maritime commerce of merchant ships registered under the Panama flag is not subject to income tax in Panama, and such vessels enjoy very competitive tonnage tariffs.
- Manning and labor. The ship owners engage personnel of any nationality within the prevailing international maritime usages under very advantagerous labour conditions.
- Registration proceedings may be completed in 24 hours.
- Yatchs and Ship Fleet. Pleasure yatchs are entitled to reduce tafiffs, and ship fleet to tax rebates under current regulations.
PROCEDURE FOR SHIP REGISTRATION
Among the features which distinguish the Republic of Panama as an open ship registry country may be mentioned: the fact that any natural or juridical person may register its ships under the Panamanian flag, irrespective of its nationality and residence; the fact that there is no limitation on the age of the ship sought to be registered nor to the type of activity it may engage into.
- Application for registration: The procedure for registration begins by filing an application form for Registration by the owner of the ship or by his legal representative before the Panama Maritime Authority, or abroad, before an authorized Consulate of the Republic of Panama.
- Provisional Registration: A Provisional Navigation Patent shall be issued by the Consular Office or Panama Registry Office upon the filing of a complete description of the ship, as per annexed form, and payment of the corresponding annual fees or taxes. The entire procedure takes approximately a working day.
- Permanent Patent: The respective Title Deed must be duly recorded in the Public Registry of the Republic of Panama within the six (6) months after the issuance of the Provisional Navigation Pate
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